DEX Share of Spot Volume Reaches New Highs

The share of spot cryptocurrency trading executed on decentralised exchanges has reached new highs, according to data from The Block. DEX volumes as a proportion of combined DEX and centralised exchange spot volume have trended steadily upward over the past year.

The shift reflects both the growth of memecoin activity on Solana-based DEXs and improvements in fee levels and user experience on Ethereum layer-2 rollups. Uniswap remains the largest single DEX by volume, followed by a mix of Solana and BNB Chain venues.

Centralised exchanges continue to dominate derivatives volumes, where the gap remains much larger.